case 7Olli nava 第一题，第一个statement，题目里没有像答案里那样说明是long term government bond. 还是bond在这里特指长期？

这里之前不是说endowment要确保每年能够有定额的distribution来支持学校的科研经费么，那也是一种liability咯？不也应该用ALM？

课后习题第六小题，请问为什么statement3是对的？怎么理解这句话？

关于用economic indicator 预测的方法。书上这么说：One of the drawbacks of the (composite) leading indicator methodology is that the entire history may be revised each month. As a result, the most recently published historical indicator series will almost certainly appear to have fit past business cycles (i.e., GDP) better than it actually did in real time. This distortion is known as “look ahead” bias. Correspondingly, the LEI may be less reliable in predicting the current/next cycle than history suggests. (Institute, 08/2019, p. 187) 我还是不太明白整个economic indicator 预测的方法。这句话是想说，这些用于预测未来周期的数据可能很快被修订，所以不能很好的预测未来；但为什么又说解释历史周期却相对较好呢？

老师，我想确认，前面讲到portfolio的valuation是按月，或者large cashflow。这里老师说，因为外部现金流未知，所以要daily valuation。那考试时候问这个问题，如何答呢？

老师，这里的tax drag为什么是大于tax rate的？以及下面关于投资期限和投资收益率的，能否解释下，谢谢

老师，我想问，这个题里的业绩提成那部分公式好像和前面讲义里的公式不一样。以业绩-25bp，就是题里那句perfected against performance below 25bp吗？

老师，我再和您确认一下，这个wider dispersion distribution是指每一个基金经理的业绩分布吗？

老师，这道题后面的讲解我理解了，没问题，但是联想到前面那道难题，就是照片里我手指的那个公式。貌似本题里：组合方差 市场方差 贝塔，也都具备了。可以用上一个题的思路做吗？

R4 professionalism in the investment industry, 第三题。原版书是这么说的：“The investment profession and investment firms must be interdependent to foster trust. Employers and regulators have their own standards and practices that may differ from regulations and standards set by professional bodies. The investment professional bodies typically direct professionals in how to resolve these differences. (Institute, 08/2019, p. 257) 我没太看明白这句话，employer和firm有什么区别啊，不就是从业机构么？